7 Tips for Understanding Gift Taxes

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People are often confused about the laws that apply when they make a gift. Some are surprised to learn that gifts are regulated at all. Unfortunately there are rules – both in terms of taxes and Medicaid qualification. And the laws are complicated. Adding to the confusion – the tax rules related to gifts are […]

IRS Announces Estate and Gift Tax Exclusions for 2016

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The IRS has released the annual inflation adjustments and tax rate schedules that will apply in 2016. Included are the new gift and estate tax exclusion amounts for 2016. The new inflation adjusted numbers are available in Revenue Procedure 2015-53. They apply generally to transactions or events occurring in calendar year 2016 Estate and Gift […]

Estate and Gift Tax Exemptions Increase in 2015

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The IRS has released annual inflation adjustments and tax rate schedules for 2015. Included are the new gift and estate tax exclusion amounts for 2015.  The new inflation adjusted numbers are available in Revenue Procedure 2014-61, issued October 30, 2014.  Estate and Gift Tax Exclusion amounts for 2015 $5.43 million – Federal Estate Tax Basic […]